Which of the following forms of money would best represent fiat money?
a) Silver quarters made prior to 1965.
b) An hour-long golf lesson given in exchange for an hour of tutoring in economics.
c) A $20 bill printed in 2015.
d) A rare baseball card given to a landlord in place of rent.
Ans: c) A $20 bill printed in 2015.
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Excess capacity implies
A. productive inefficiency. B. productive efficiency. C. allocative efficiency. D. allocative inefficiency.
In the above figure, the best affordable point is
A) 8 hamburgers and 0 magazines. B) 0 hamburgers and 6 magazines. C) 4 hamburgers and 3 magazines. D) some combination that is not given above.
Efficiency can correctly be defined as
A) producing outside the production possibilities boundary. B) minimizing opportunity cost. C) producing the maximum output with given technology and resources. D) providing for the immediate needs of the greatest proportion of the population.
Answer the following statement(s) true (T) or false (F)
1. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 2. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 3. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 4. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate. 5. Distributing goods equally among consumers would be not only fair but efficient.